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Company registration number: 01174715
Bromwall Ltd
Unaudited filleted financial statements
30 June 2023
Bromwall Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Bromwall Ltd
Directors and other information
Directors
Mrs Janet Walton
Mr D A Walton
Company number 01174715
Registered office Office 4, HatTech Business Centre
Beaconsfield Court, Beaconsfield Road
Hatfield
AL10 8FF
Business address Office 4, HatTech Business Centre
Beaconsfield Court, Beaconsfield Road
Hatfield
AL10 8FF
Bromwall Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,435 3,588
_______ _______
2,435 3,588
Current assets
Debtors 6 459,032 419,566
Cash at bank and in hand 1,058 62,940
_______ _______
460,090 482,506
Creditors: amounts falling due
within one year 7 ( 214,904) ( 246,740)
_______ _______
Net current assets 245,186 235,766
_______ _______
Total assets less current liabilities 247,621 239,354
Creditors: amounts falling due
after more than one year 8 ( 1,832) ( 4,938)
Provisions for liabilities ( 465) ( 625)
_______ _______
Net assets 245,324 233,791
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 195,324 183,791
_______ _______
Shareholders funds 245,324 233,791
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2024 , and are signed on behalf of the board by:
Mr D A Walton
Director
Company registration number: 01174715
Bromwall Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Office 4, HatTech Business Centre, Beaconsfield Court, Beaconsfield Road, Hatfield, AL10 8FF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Computer Equipment - 33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer Equipment Total
£ £ £ £
Cost
At 1 July 2022 and 30 June 2023 10,347 3,146 30,446 43,939
_______ _______ _______ _______
Depreciation
At 1 July 2022 10,219 2,539 27,593 40,351
Charge for the year 39 161 953 1,153
_______ _______ _______ _______
At 30 June 2023 10,258 2,700 28,546 41,504
_______ _______ _______ _______
Carrying amount
At 30 June 2023 89 446 1,900 2,435
_______ _______ _______ _______
At 30 June 2022 128 607 2,853 3,588
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 80,879 72,602
Other debtors 378,153 346,964
_______ _______
459,032 419,566
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 63,409 95,518
Trade creditors 1,180 1,180
Corporation tax 2,939 3,798
Social security and other taxes 1,636 1,441
Other creditors 145,740 144,803
_______ _______
214,904 246,740
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 1,832 4,938
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs Janet Walton ( 117,440) - ( 117,440)
Mr D A Walton ( 21,763) 303 ( 21,460)
_______ _______ _______
( 139,203) 303 ( 138,900)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs Janet Walton - ( 117,440) ( 117,440)
Mr D A Walton ( 22,238) 476 (21,762)
_______ _______ _______
( 22,238) ( 116,964) (139,202)
_______ _______ _______